ETH is the native digital currency of a decentralized, open source computer network known as the Ethereum Network. The Ethereum Network, like the Bitcoin Network, records all transactions on a decentralized, transparent and immutable public ledger, known as a “blockchain”. The open-source Ethereum Network software code includes the protocol that governs the creation of ETH and the cryptographic operations that verify and secure ETH transactions. In contrast to the Bitcoin Network, the Ethereum Network goes beyond a peer-to-peer money system as it supports peer-to-peer contracts, known as smart contracts, as well as decentralized applications.
In 2013, Vitalik Buterin proposed the Ethereum Network as an open source platform that would significantly lower the entry barrier for developers to create their own smart contracts and decentralized applications. The development of the Ethereum Network, which is based on Buterin’s proposal, was ultimately spearheaded by a Swiss firm called Ethereum Switzerland GmbH. The Ethereum Network has a dedicated non-profit organization, Ethereum Foundation, which supports the ongoing development of the Ethereum Network. The Ethereum Network went live in July 2015.
Bitcoin (“BTC”) and ETH share many similarities. Both rely on underlying networks which have associated blockchains, utilize “private keys” and “wallets” to enable transfers and track ownership, facilitate the creation of new supply via “mining”, include software source code that governs the cryptographic operations that verify and secure transactions and allow participants in the network to modify the open-source software and persuade other users and miners to adopt the proposed modification.
Mining in the Ethereum Network is capped at 16 million ETH per year. Unlike for BTC, there is no aggregate cap on the total number of ETH that may be mined. There is a possibility that ETH miners will move from the current “proof-of-work” (“PoW”) protocol to a “proof-of-stake” (“PoS”) protocol, whereby miners settle and validate transactions according to the amount of coin they lock within the system. PoS protocols are desirable because they require a significantly lower amount of computing power and effort.
Like BTC, ETH can function as a means of exchange and/or a store of value. However, the value of ETH is often tied to the additional use cases for the Ethereum Network. Bitcoin and Ethereum are considered protocol layers because they are the foundations that facilitate actions on their respective blockchains, similar to how the internet protocol HTTP (Hypertext Transfer Protocol) facilitates communication over computer networks. On top of the protocol layer, there is an “application layer” where third party developers can create their own programs. A primary difference between the Bitcoin Network and the Ethereum Network is the ease of developing on the application layer of the Ethereum Network. Solidity, the language that allows developers to program applications that run on the Ethereum Network, is less restrictive compared to developing on the Bitcoin Network and allows for developers to program smart contracts, fungible and non-fungible tokens and decentralized applications.
Ethereum has blossomed into a technology that acts as more than just a cryptocurrency, intending to complement bitcoin rather than competing with it. The Ethereum network maintains smart contract functionality, a payment network, and an ecosystem to construct and install applications without a centralized authority.
Ethereum attracts developers because applications are utilized without central control, downtime, fraud, or third-party interference.
Today, Ethereum has multiple purposes, from payments to investment to innovation, even serving as collateral. Many investors and financial experts are talking about the digital currency’s potential to become the premier cryptocurrency.
Eager to buy Ethereum (ETH) but not sure how? No worries! Bitbuy is the simplest and most secure platform to buy Ethereum (ETH) from. Bitbuy always ensures the lowest associated fees and highest security when buying, selling or trading cryptocurrency.
Investors can easily invest in Ethereum (ETH) by creating an account with Bitbuy, adding fund to their account directly through E-transfer or bank wire and buying Ethereum (ETH) directly through the Bitbuy platform. Experience problems or need questions answered along the way? Do not fear, Bitbuy is here. Our customer support team will ensure your investment journey is smooth sailing throughout.
Now that you understand the basics behind the Ethereum network, are you ready to discover how to buy and sell Ether through Bitbuy? Here is how it works:
Buying Ethereum in Canada as well as other digital currencies is simple and secure with Bitbuy. Here is how it works:
If at any point you need help signing up, verifying your account, adding funds, or buying and selling Bitcoin, just contact customer support for same-day assistance.
Bitbuy is one of the best and most secure places to buy Ethereum (ETH) in Canada. Here is why:
Every transaction you make on Bitbuy is encrypted using SSL (Secure Socket Layer) technology with two-factor authentication solutions implemented throughout. Bitbuy operates with a 99% cold storage reserve for all digital currencies in custody and executes daily encrypted and distributed backups for disaster recovery. Here at Bitbuy, it is crucial users know that their digital assets are is safe with us.
Bitbuy offers some of the lowest buying and selling fees in Canada. You can check out our trading fees and processing times before you buy Ethereum (ETH).
Buying cryptocurrency directly from individuals is slow and risky. Cryptocurrency exchange platforms like Bitbuy make the process faster and far more efficient.
We pride ourselves in our exceptional customer support which sets us apart from other digital asset marketplaces. Simply submit a request under Bitbuy Support to be paired with one of our experts. We believe that exceptional customer support is an essential part of simplifying cryptocurrency for everyone.
Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy Ethereum (ETH) with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy Ethereum (ETH) in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you then use to buy and sell cryptocurrencies in Canada.
Looking for a place to store your ETH? Bitbuy is the perfect place to start. Bitbuy has a built-in wallet in each user’s account that you can use to store your ETH safe and securely with.
Website (instructions for the mobile app below)
When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To facilitate the trade, click the 'Sell' button which will appear in red.
Click the drop-down and search ETH to begin the sale.
Enter the amount of ETH that you wish to sell. The dollar value of your sale will be displayed below under ‘Transaction summary'. When you are ready, click the 'Sell' button to complete the transaction.
Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.
Locate ETH and click on the 'Sell' button.
Enter the amount of ETH you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!
Lock in your crypto asset for as long as you want and generate returns of up to 4.87%. Bitbuy maintains some of the best staking reward rates in Canada, so more of your money goes directly to you. Rewards will be deposited back to your account and paid out every hour. With Bitbuy as your digital platform, your holdings are safe and secure with all assets kept at a 1:1 ratio and available for withdrawal at any time. Learn more on how to start staking Ethereum and earn rewards!
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